Amazon launches their own virtual currency

The currency can be used for in-app purchases and app purchases for Kindle Fire owners.

Set to launch in May, Amazon will give away millions of free Amazon coins. Users will be able to pay with either their credit cards or with coins.

Amazon says developers who already have their app in the Amazon Appstore do not need to do anything to add the Coin payment option.

"Developers continue to report higher conversion rates on Amazon compared to other platforms,"said Paul Ryder, Vice President of Apps and Games for Amazon. "Now we have another new way to help developers reach even more of our millions of customers. Amazon Coins gives customers an easy way to spend money on developers' apps on Kindle Fire in the Amazon Appstore--and we're giving customers tens of millions of dollars in Amazon Coins to get started. Developers who aren't yet in the Amazon Appstore will want to make sure their apps have been submitted and approved by April 25 so they're ready for customers to start spending their Amazon Coins."